Glenmark's shares surge after getting government approval for Covid-19 drug
Mumbai/IBNS: The shares of Glenmark Pharmaceuticals on Monday surged days after getting an approval from the Drugs Controller General of India (DCGI) to market and manufacture antiviral drug Favipiravir, to be sold under the brand name FabiFlu, for the treatment of Covid-19 patients having mild to moderate symptoms.
The shares in the last hour have increased by 15 per cent.
The pharmaceutical company's shares went up to 572.70 in the first half of the session.
FabiFlu is the first oral Favipiravir-approved medication for the treatment of Covid-19.
During clinical trials, the medicine has produced up to 88% improvement in mild to moderate coronavirus patients.
It will be available across the country this week, the company said.
A pack of 34 oral tablets of 200 mg each will be sold at a cost of Rs 3,500 and the cost of the 14-day treatment will be an estimated Rs 14,000.
“This approval comes at a time when Covid-19 cases in India are spiralling like never before, putting tremendous pressure on our healthcare system,” Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha had said.
Image Credit: Unsplash
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